Dow, S&P 500 and Nasdaq slide on focus on jobs report, await Middle East moves

U.S. stocks fell Thursday as attention tentatively turned to the economy and the monthly jobs report. Meanwhile, concerns about conflict in the Middle East rumbled in the background.

The S&P 500 (^GSPC) fell 0.5%, while the Dow Jones Industrial Average (^DJI) fell about 0.7%. The tech-heavy Nasdaq Composite (^IXIC) fell 0.5%. All three gauges closed slightly above the flat line on Wednesday.

A certain calm has returned to a market shaken by escalating tensions in the Middle East which led to sharp increases in oil prices. Israel has yet to launch a promised retaliation for the Iranian missile strike on Tuesday, amid efforts by Western and regional leaders to stabilize the situation.

Investors are now bracing for the highly anticipated September jobs report released Friday, after a surprise rise in private sector employment was accompanied by signs of a softening labor market.

The market received further signs of a general cooling in the labor market on Thursday. Weekly unemployment claims increased slightly compared to the previous week. Meanwhile, planned layoffs in the United States have fallen from their highest level in five months, according to a report from Challenger, Gray and Christmas. But the company's vice president said the data showed the job market was at an “inflection point.”

Any further signs of labor market deterioration could prompt the Federal Reserve to follow up last month's 0.5% interest rate cut with another massive move, despite policymakers' expectations of a 0.5% cut. 25% in November.

Read more: What the Fed's rate cut means for bank accounts, CDs, loans and credit cards

At the same time, the Israeli-Iranian crisis has helped push oil prices higher for a third day, another potential drag on economic activity. Brent (BZ=F) and West Texas Intermediate (CL=F) futures both rose as much as 4% on Thursday.

On the corporate side, shares of Levi Strauss (LEVI) fell nearly 8% after the denim giant issued disappointing revenue forecasts and said it was considering selling its Dockers brand. Shares of Tesla (TSLA) continued to fall following disappointing delivery figures, as Reuters reported that the electric vehicle maker had halted online orders in the United States for its cheapest Model 3.

Live6 Updates

Thursday October 3, 2024 at 12:45 p.m. EDTPort Strike could cost US economy up to $4.5 billion, slow GDP growth: analysts

Laura Bratton of Yahoo Finance reports:

An ongoing strike by U.S. dockworkers could cost the economy as much as $4.5 billion a day and shave half a percentage point off U.S. GDP for the fourth quarter, analysts estimate.

Some 45,000 members of the International Longshore Association went on strike Tuesday, temporarily closing 36 ports from Maine to Texas.

The hardest hit U.S. imports are building materials, European wines and Latin American fruits, most of which pass through East Coast ports, according to data compiled by Jason Miller, a professor of supply chain management. supply at Michigan State University.

Learn more here.

Thu October 3, 2024 at 12:00 p.m. ADT September Jobs Report: Job Growth Expected to Accelerate as Unemployment Rate Remains Stable

Josh Schafer of Yahoo Finance reports:

The September jobs report is expected to be the latest evidence that the labor market has cooled in 2024, but is not rapidly weakening at a pace that would cause interest rates to fall more sharply. the share of the Federal Reserve in November.

The monthly report, scheduled for release Friday at 8:30 a.m. ET, is expected to show nonfarm payrolls increased by 150,000 in September while the unemployment rate remained steady at 4.2%, according to consensus estimates compiled by Bloomberg.

The key question in Friday's release is whether the data will reflect a significant cooling in the labor market, which could lead to another significant cut in interest rates from the Fed.

Learn more here.

Thu Oct 3, 2024 at 11:22 a.m. EDT Energy, Utilities, and Technology Stocks Rise While Rest of Sectors Slump

Energy stocks (XLE) outperformed broader markets Thursday as oil rose on fears of supply disruptions resulting from the Middle East conflict.

The S&P 500 Utilities (XLU) sector also gained slightly.

The technology sector (XLK) remained above the flat line thanks to the rise in Nvidia (NVDA) stock.

Shares of the AI ​​chip giant rose after CEO Jensen Huang told CNBC that demand for the company's next-generation Blackwell chips was “crazy.”

Thursday's sectoral action

Thu Oct 3, 2024 at 10:41 a.m. EDTO Oil climbs nearly 4% on supply disruption fears.

Oil rose for a third straight session on Thursday on fears of supply disruptions resulting from the Middle East conflict.

West Texas Intermediate (CL=F) futures gained more than 4%, while Brent futures (BZ=F), the international benchmark, rose almost 4% due to expectations that Israel would retaliate against Iran after Tehran's ballistic missile attack on Tuesday.

“Futures markets remain nervous” about the possibility that an Israeli response could affect oil facilities in Iran, Dennis Kissler, senior vice president of trading at BOK Financial, wrote in a note Thursday.

Concerns about possible disruptions in the Strait of Hormuz, a chokepoint for oil shipments, have also driven up prices.

Thu October 3, 2024 at 10:05 a.m. EDTNvidia climbs 4% and helps the Nasdaq enter green territory

Nvidia (NVDA) shares rose more than 4% Thursday morning, helping to push the Nasdaq Composite (^IXIC) higher.

The tech-heavy index erased early morning losses to climb into green territory as AI chip heavyweight and other semiconductor stocks gained.

Thu Oct 3, 2024 at 9:30 a.m. EDTStocks open lower with monthly jobs report in the works, Middle East tensions high

Stocks opened lower on Thursday as investors this week turn their attention to monthly jobs data for clues on the health of the economy while keeping a close eye on the conflict in the Middle East.

The S&P 500 (^GSPC) fell 0.3%. The Dow Jones Industrial Average (^DJI) fell 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) fell 0.5% after all three averages closed above the flat line on Wednesday.

Investors are awaiting the highly anticipated release of the September jobs report Friday morning. Weekly jobless claims released Thursday increased slightly from the previous week.

In the raw materials sector, oil prices rose on Thursday as the Israeli-Iranian crisis raised fears of supply disruptions in the region. Brent (BZ=F) and West Texas Intermediate (CL=F) were each up more than 2% in early trading.

Sources 1/ https://Google.com/ 2/ https://finance.yahoo.com/news/live/stock-market-today-us-futures-slip-with-focus-on-jobs-report-wait-for-mideast-moves-110055806.html The mention sources can contact us to remove/changing this article

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